Tax Return help.

jamesflood

Hi guys, just wondering if anyone knows how to do tax calculations before I send mine off to a new accountant.

I'll share with you what I've earned and spent this year on my business so maybe you can help with how much *roughly* I'll be receiving back.

PAYE income: £2776
Self employed Income: £9568
Tax paid: £1999
Expenditure (the business outgoings my business has spent, car, fuel, materials, tools etc) : £6963.31

Hope someone can help,

Thanks

Suarez

How have you paid 1914?

jamesflood

A combination of a 20% deduction out of my self employed CIS wages and my PAYE tax.

pjclar02

Based on those figures you will be geeting back all of the tax paid = £1,914

agrinnall

pjclar02 is likely to be correct, but without knowing either your tax code or whether your expenses are allowable or not it's impossible to be certain.

jamesflood

Tax code is 965L and my last years tax return had all of the fuel/materials/tools/phone/ etc stuff added on top if that but I have no idea how they work it out.

Regards

suso

Its worked out as follows.

Paye income :- £2776.00
Profit from self-employment. (Income less expenses)
£9568.00 - £ 6963.31 = £2604.69
Actual Income £2776 + 2604 = £5380.00
Tax free allowance 2013/14 = £9440.00

As your income is less than your personal allowance, then no tax is due, and all tax deducted will be returned to you.

However, it will most likely raise questions at HMRC as how do you survive on just over £100 per week.

Do you receive any taxable state benefits ?

jamesflood

That's what the wife is for
But on a serious note it's been an awful year financially for me. The numbers show that!
Thanks for your help.

Suarez

jamesflood wrote: »

PAYE income: £2776

jamesflood wrote: »

A combination of a 20% deduction out of my self employed CIS wages and my PAYE tax.

jamesflood wrote: »

Tax code is 965L

Not sure how you have paid PAYE tax?!? This doesn't add up!

MamaMoo_2

Suarez wrote: »

Not sure how you have paid PAYE tax?!? This doesn't add up!

It doesn't look as if any PAYE Tax has been paid as the tax paid is 20% of SE earnings, which would be the CIS deductions.

jamesflood

Believe me, ive been paying PAYE tax. I have the payslips in front of me, all be it very little amounts, I have paid it. Forms going off the accountant today, so time will tell.